NAB head admits personal banking services ‘not up to standard’

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Personal banking, particularly the mortgage market, remains to be NAB’s priority, despite the recent statement by chief executive  Andrew Thorburn that the bank’s "fulfilment processes in business and personal banking are not up to standard”.
 
Thorburn said NAB is committed to staying competitive on price in the mortgage market, but also argued that the bank does “not have to lead on it”. He believes improved service levels, and not dramatically lowered interest rates, will give NAB a continued growth and higher returns.
 
NAB is holding back five basis points of the latest Reserve Bank of Australia cash rate cut to 2%, reported Banking Day.
 
Meanwhile, Thorburn admitted that the bank has room for improvement, noting that it will invest significantly in a new lending platform, with “better training of business bankers and in increase in business banker numbers”.
 
He confirmed that 150 business bankers have been appointed in March and an additional 70 would be employed by September.
 
The lender also said it is simplifying its business lending process to reduce customer documentation requirements.
 
 

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